Which countries regulate the crypto currency

Five large EU countries for banning crypto currencies if necessary

In a joint declaration, Germany, France, Italy, Spain and the Netherlands call for bans on crypto currencies if necessary. It needs a precise and stable set of rules, it said in the statement that Reuters received on Friday. If rules are not adhered to, there must be prohibitions.

Regulation proposals

The EU Commission wants to present proposals for the regulation of cryptocurrencies in September. This also includes the cyber currency Libra planned by Facebook. The German Finance Minister Olaf Scholz (SPD) wants to take up the regulation proposal of the Commission and negotiate it during the German EU Council Presidency in the second half of the year. The SPD chancellor candidate is considered a Libra critic.

Libra causes an uproar

The world's largest internet network has alarmed governments, supervisors and central banks around the world with its plans for its own digital money. In April, the Libra Association in Switzerland, which was set up for the purpose, submitted an application for approval as a means of payment. However, many governments have reservations about allowing Facebook to expand into the financial sector with a digital currency. In contrast to Bitcoin, for example, cyber currencies called "stablecoins" are based on a basket of currencies and are therefore less prone to fluctuations. They could make payments across national borders faster and cheaper. (APA, 9/11/2020)